The shares of Lucid Group rose 43%, driven by rumours that Saudi Arabia's Public Investment Fund (PIF) is looking to buy the electric vehicle maker. Lucid was the sixth-most traded stock and third-biggest gainer on the Nasdaq. In 2018, PIF had expressed interest in buying Tesla but the deal never happened.
General Motors announced that it will invest 918 million USD in four U.S. manufacturing facilities, including 854 million USD in preparation for the company's sixth generation Small Block V-8 engine and an additional 64 million USD in Rochester, New York and Defiance, Ohio for castings and components to support EV production.
Microsoft plans to reduce thousands of employees, with some positions anticipated to be removed in the human resources and engineering departments. The predicted layoffs would be the latest in the United States technology industry, where businesses such as Amazon.com and Meta Platforms have announced layoffs in response to sluggish demand and a worsening global economic outlook. The action by Microsoft may imply that the IT sector will continue to cut employees. The corporation expects to reduce employees in several engineering departments on Wednesday.